Recurrent secures US$250 million for 200 MW PV pipeline

North American solar project developer, Recurrent Energy, has secured a four year construction revolver, worth US$250 million for the development of 20 photovoltaic projects.

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Worth around a total of 200 megawatts (MW), the company says it intends to install the photovoltaic systems in Ontario, Canada. The credit facility, granted by Mizuho Corporate Bank, is said to be one of the largest of its kind for a photovoltaic portfolio in North America.

Recurrent Energy says that with the financing it will begin construction on the first phase of its pipeline at the start of 2012. All of the projects will receive a tariff under the Ontario Power Authority’s feed-in tariff program.

A spokesperson for the company additionally tells pv magazine that construction will begin on the first solar projects in the first quarter of next year, and are scheduled to be operational by autumn. The remaining projects are expected to be completed by 2014.

Furthermore, the projects will be located in United Counties of Leeds and Grenville, County of Lanark, County of Simcoe, County of Middlesex and County of Oxford. In compliance with Ontario's domestic content requirements, Celestica has been selected to supply the photovoltaic modules.

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Becky Beetz

Becky managed the online presence of pv magazine International since its inception in 2010. As Head of Content, she was responsible for content development across all platforms, including our global and regional platforms.

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